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The International Federation of Accountants (IFAC) has launched an online tool designed to help small and medium-sized enterprises (SMEs) maximise the benefits of incorporating sustainability into their strategy and business operations, in collaboration with the Edinburgh Group (EG).

Developed for IFAC and EG to provide to their members, The Small Business Sustainability Checklist is an interactive tool that provides practical steps to future-proof businesses and boost sustainability practices. It is designed to be tailored by each business according to its industry sector, lifecycle, products and services.

The online resource uses a simple self-assessment approach to score users’ sustainability initiatives across environmental factors, social responsibility and governance. It also helps users identify risks and opportunities, which can inform a roadmap for improvement.

Lee White, IFAC Chief Executive Officer, said, “This checklist is a practical tool to help small businesses benchmark and track their sustainability efforts, providing the resources and guidance to help them take the first step or make progress from what they’re currently doing.”

The Small Business Sustainability Checklist is suitable for small and medium-sized practices looking to support their clients to tackle sustainability-related risks and unlock opportunities. This tool features specific questions, and at the end, the practice will receive a score based on three progress stages: Limited, Underway and Maturing.

“This is all about building sustainable futures for both accounting practices and their clients, to face the global standards of today and tomorrow,” White said.

CA Rajendra Kumar P., chair of the Edinburgh Group, noted, “As a coalition of 16 accountancy bodies from across the world that is focused on supporting small and medium-sized practices and entities, the Edinburgh Group expects this new tool will be hugely beneficial to those who use it.”

With interactive videos featuring real-world experiences from industry peers, the tool provides users with firsthand insights into how fellow professionals are tackling sustainability challenges.

By sharing practical strategies and best practices, the industry voices provide context, helping accountants translate sustainability concepts into actionable steps for their own firms and for their clients.

“IFAC’s new tool is more than just a guide to reporting, it’s a resource that fosters best-in-class sustainability practices and helps firms develop advisory services,” said industry leader Sarah Lawrance.

“As accountants and small businesses, we have a responsibility to consider our impact on the future, and this tool helps us all take meaningful action, no matter where we are on our journey.”

“This checklist sparks essential conversations between accountants and their clients.

 “It empowers accountants to position themselves as sustainability leaders within their firms while also guiding their clients toward their own sustainability goals.”

Image credit: iStock.com/Dmitry Kovalchuk